Many of our customers ask us whether investment gold and silver is exempt from VAT in Hungary. You can buy and sell investment gold without any Value Added Tax in Hungary. Because Hungary is an EU member state and has fully implemented the EU VAT directive. The fact that investment gold is not subject to VAT makes trading of these goods more attractive and affordable to everyone. The reason for this is that VAT effects negatively the spread on the product. If you are interested and would like to read more about the most common terms concerning trade of precious metals please click HERE.
Silver on the other hand is not exempt from VAT in Hungary. This means unfortunately that you need to pay VAT on most of the silver products. Be aware that there is though one exception though. This exception applies to silver products that physical persons have sold back to us. To these items we can apply VAT margin scheme and means that you pay VAT only on our sales margin.
If you are interested and would to know more about VAT in EU you can read the EU VAT directive.
You can read more about the definition of investment gold HERE.
We hope we managed to answer your question whether investment gold and silver are exempt from VAT.